SELBYVILLE, Del., July 19, 2021 (Newswire.com) - According to the latest report "IoT Gateway Devices Market by Connectivity Technology (Bluetooth, Wi-Fi, ZigBee, Ethernet, Z-Wave), Component (Microcontroller Unit (MCU), Field Programmable Gate Array (FPGA), Sensor, Memory), Application (Wearable Device, Healthcare, Automotive & Transportation, Building Automation, Industrial, Consumer Electronics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of IoT gateway devices will cross $20 billion by 2027. The market growth is driven by the increasing adoption of robotics, process automation, and Industry 4.0 across the manufacturing sector.
IoT gateway technology helps various manufacturers across the semiconductor, consumer electronics, and healthcare sectors to improve their productivity & output efficiency, achieving faster time-to-market and catering to high industry demand. Additionally, favorable government initiatives supporting smart manufacturing are expected to support the market expansion over the forecast period.
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The ZigBee segment in the IoT gateway devices market will witness a 13% CAGR through 2027, led by the several high-end features offered by ZigBee connectivity technology, such as high-end encryption, energy efficiency, and long-range wireless communication of up to 100 meters. Zigbee connectivity technology operates on the IEEE 802.15.4 radio frequency RF standard and is majorly used to monitor & control devices across the medical, consumer electronics, and industrial sectors.
The sensor segment will hold around 18.5% of the IoT gateway devices' market share and is estimated to attain a CAGR of 13.5% by 2027 on account of the increasing acceptance of these sensors in various applications such as automotive, healthcare, consumer applications, and home automation systems. These sensors collect data mainly from the surroundings and transfer the data to connected devices for the conversion & processing of the signal, which is directly or indirectly connected to the IoT networks. These sensors are connected with IoT devices and used to monitor physical parameters such as temperature, humidity, pressure, proximity, flow, and others.
The IoT gateway devices market for the healthcare application segment accounted for 19% of the revenue share in 2020 and is poised to expand at more than a 17.5% CAGR till 2027. Rising digital transformation and the need for connected medical devices & remote health monitoring in the healthcare sector are expected to boost the market progression. In the healthcare industry, IoT technology offers real-time access and remote monitoring of a patient's health data. Market players are focusing on new product development and innovations in healthcare-related IoT-based devices, further accelerating the industry growth.
Europe's IoT gateway devices market captured over 18.5% of revenue share in 2020 and is predicted to register growth of 14.5% during 2021 to 2027, driven by the rising demand for consumer electronics, connected devices, and home automation solutions in the region. The introduction of new initiatives and regulations by the European government to protect the data and privacy of its citizens will foster the usage of IoT security solutions.
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Some of the key companies operating in the IoT gateway devices market are Dell Technologies, Inc., Huawei Technologies Co., Intel Corporation, Ltd., ADLINK Technology Inc., and Laird Connectivity, Inc., among others. Key participants are majorly focusing on continuous R&D activities to spur their offerings in new industry verticals.
Some major findings of the IoT gateway devices market report include:
- The rising adoption of Point-of-Care (PoC) diagnostic devices across the medical & healthcare sector is slated to support the market value. These devices collect real-time patient health data, such as blood pressure, oxygen levels, and heart rate using IoT connectivity platforms including Ethernet, Wi-Fi, Z-wave or Bluetooth in the medical devices. These IoT connectivity platforms help to achieve early diagnosis and treatments of patients, which is set to support the industry expansion.
- Proliferation of smart city projects across developed & developing economies will fuel the industry progression. Various IoT use-cases, such as smart meters, connected transportation, and smart lighting, are integrated into smart city infrastructures. This is estimated to provide opportunities to IoT gateway devices manufacturers.
- The Bluetooth technology segment will hold a major market share due to several high-end features offered by the technology, such as low power consumption, faster data exchange rates, and high-end encryption for device pairing. The increasing uptake of Bluetooth connectivity across smartphones, tablets, wearable electronics, and other appliances will further support the industry demand.
- Rising demand for fleet management and real-time tracking of vehicles & logistics across the automotive and transportation sectors is anticipated to propel the acceptance of IoT gateway devices
- The APAC region is showcasing high growth opportunities in the IoT gateway devices market impelled by the rising investments in the infrastructure development of smart cities, automated manufacturing plants, and others. The increasing penetration of high-speed internet and rapid transformation to a digital economy in countries, such as India, Malaysia, Singapore, and Taiwan, will create growth opportunities for IoT gateway device manufacturers in the region.
- The COVID-19 pandemic has severely affected the market growth, attributed to the shutdown of various manufacturing facilities across the consumer electronics and automotive sectors. Disruptions in the supply chain and international trade barriers by various government bodies across the globe will further hamper the market demand.
Table of Contents (ToC) of the report:
Chapter 3 IoT Gateway Device Market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic on IoT gateway devices market
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
188.8.131.52 Research and development
3.2.4 Competitive landscape
184.108.40.206 Distribution network
220.127.116.11 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.3 Distribution channel analysis
3.3.4 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Advancements in IoT edge gateways
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Growth potential analysis
3.8 Porter's analysis
3.9 PESTEL analysis
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